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Avista Corp. Reports Financial Results for First Quarter 2021 and Confirms Earnings Guidance


Avista Corp. Reports Financial Results for First Quarter 2021 and Confirms Earnings Guidance
SPOKANE, Wash., May 05, 2021 (GLOBE NEWSWIRE) Avista Corp. (
NYSE: AVA) today reported net income of $68.0 million, or $0.98 per diluted share, for the first quarter of 2021, compared to $48.4 million, or $0.72 per diluted share, for the first quarter of 2020.
“We’re off to a good start in 2021 and we are on track to meet our earnings targets for the full year. Avista Utilities’ earnings were better than expected due to higher utility margin, mainly from lower net power supply costs,” said Dennis Vermillion, president and chief executive officer of Avista Corp. ....

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Avista Corp. Reports Financial Results for First Quarter


 
(a) The tax impact of each line item was calculated using Avista Corp. s statutory tax rate (federal and state combined) of 23.05 percent.
(b) Electric utility margin (operating revenues less resource costs) increased for the first quarter and was impacted primarily by the following:
General rate increase in Washington, effective April 1, 2020.
Customer growth contributed additional retail electric revenue.
In the first quarter of 2020, we recorded an accrual of $1.4 million for customer refunds related to our 2015 Washington general rate case.
For the first quarter of 2021, we recognized a pre-tax benefit of $4.3 million under the Energy Recovery Mechanism (ERM) compared to a pre-tax benefit of $5.2 million for the first quarter of 2020. For the full year 2021, we expect to be in a benefit position under the ERM within the 75 percent customer/25 percent Company sharing band. ....

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Avista Corp (AVA) Q1 2021 Earnings Call Transcript


Operator
Good morning, my name is Kree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Avista Corporation Q1 2021 Earnings Conference Call. [Operator Instructions] After the speakers remarks, there will be a question-and-answer session.
[Operator Instructions] As a reminder, today s conference is being recorded.
I would now like to turn the conference over to Mr. John Wilcox. Sir, you may begin.
John Wilcox
Investor Relations Manager
Thank you. Good morning, everyone. And welcome to Avista s first quarter 2021 earnings conference call. Our earnings were released pre-market this morning and are available on our website. ....

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Avista Corp. Reports Financial Results for Fourth Quarter and Fiscal Year 2020, Initiates 2021 to 2023 Earnings Guidance


 
(a) The tax impact of each line item was calculated using Avista Corp. s statutory tax rate (federal and state combined) of 23.05 percent.
(b) Electric utility margin (operating revenues less resource costs) increased for the fourth quarter and full year and was impacted primarily by the following:
General rate increase in Washington, effective April 1, 2020.
Customer growth contributed additional retail electric revenue
A decrease in net power supply costs caused by a decrease in power purchased prices and thermal fuel costs for the full year 2020 when compared to 2019. For the full year 2020, we recognized a pre-tax benefit of $6.2 million under the Energy Recovery Mechanism (ERM) compared to a pre-tax benefit of $4.4 million for the full year 2019. ....

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